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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 27.80 9.54 6.17 5.14
Op profit growth 21.80 9.74 (0.90) (2.50)
EBIT growth 21 15 (3.70) (28)
Net profit growth 14 64.40 1.97 (37)
Profitability ratios (%)        
OPM 18.70 19.60 19.50 20.90
EBIT margin 12.40 13.10 12.50 13.70
Net profit margin 5.96 6.68 4.45 4.63
RoCE 12.60 11.30 10.40 10.90
RoNW 3.03 2.90 1.88 1.95
RoA 1.51 1.44 0.93 0.92
Per share ratios ()        
EPS 9.40 8.24 4.81 4.71
Dividend per share 1.20 1.20 1 1
Cash EPS (1) (0.20) (3.20) (2.90)
Book value per share 81.40 73.60 68.60 64.80
Valuation ratios        
P/E 14.60 17.20 16.20 19.60
P/CEPS (135) (818) (25) (32)
P/B 1.68 1.93 1.14 1.43
EV/EBIDTA 9.33 11.50 7.93 9.10
Payout (%)        
Dividend payout -- -- 24 24.50
Tax payout (31) (15) (23) (32)
Liquidity ratios        
Debtor days 76.60 66.40 47.40 45.40
Inventory days 79.80 99.80 119 131
Creditor days (56) (62) (68) (74)
Leverage ratios        
Interest coverage (3.30) (2.70) (1.90) (2)
Net debt / equity 0.91 0.96 0.86 1
Net debt / op. profit 2.51 2.93 2.69 2.92
Cost breakup ()        
Material costs (54) (50) (50) (49)
Employee costs (9.90) (12) (12) (10)
Other costs (18) (19) (19) (20)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 1,296 1,014 926 872
yoy growth (%) 27.80 9.54 6.17 5.14
Raw materials (699) (509) (464) (427)
As % of sales 53.90 50.20 50.20 49
Employee costs (128) (117) (108) (89)
As % of sales 9.88 11.50 11.70 10.20
Other costs (227) (189) (173) (173)
As % of sales 17.50 18.70 18.60 19.90
Operating profit 242 198 181 182
OPM 18.70 19.60 19.50 20.90
Depreciation (86) (69) (67) (64)
Interest expense (49) (48) (62) (60)
Other income 4.46 3.44 1.84 1.58
Profit before tax 111 84.50 53.20 59.80
Taxes (34) (13) (12) (19)
Tax rate (31) (15) (23) (32)
Minorities and other -- -- -- --
Adj. profit 77.20 71.90 41.20 40.40
Exceptional items -- (4.20) -- --
Net profit 77.20 67.70 41.20 40.40
yoy growth (%) 14 64.40 1.97 (37)
NPM 5.96 6.68 4.45 4.63
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 111 84.50 53.20 59.80
Depreciation (86) (69) (67) (64)
Tax paid (34) (13) (12) (19)
Working capital 265 217 31 9.79
Other operating items -- -- -- --
Operating cashflow 257 220 4.89 (14)
Capital expenditure (84) (185) 154 64.30
Free cash flow 173 34.70 159 50.30
Equity raised 960 935 948 972
Investments (0.50) 0.50 -- --
Debt financing/disposal 296 280 242 184
Dividends paid -- -- 8.22 8.22
Other items -- -- -- --
Net in cash 1,428 1,250 1,358 1,214
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 24.70 16.40 16.40 16.40
Preference capital -- -- -- --
Reserves 732 653 589 547
Net worth 756 669 605 564
Minority interest
Debt 661 635 598 505
Deferred tax liabilities (net) 37 -- 47 38.50
Total liabilities 1,454 1,304 1,250 1,107
Fixed assets 792 751 731 689
Intangible assets
Investments 1.02 2.60 3.62 3.12
Deferred tax asset (net) 24.10 0.46 57.20 8.44
Net working capital 606 523 441 387
Inventories 364 303 264 291
Inventory Days -- 85.30 94.90 115
Sundry debtors 350 287 256 112
Debtor days -- 80.90 92.30 44.30
Other current assets 147 170 98 160
Sundry creditors (171) (178) (143) (132)
Creditor days -- 50 51.50 52
Other current liabilities (84) (60) (34) (44)
Cash 31.70 27.20 16.50 19.20
Total assets 1,454 1,304 1,250 1,107
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 1,568 1,282 1,020 935 878
Excise Duty -- 3.99 20 9.82 5.67
Net Sales 1,568 1,278 1,000 926 872
Other Operating Income 21.90 17.80 13.70 -- --
Other Income 2.26 4.46 3.44 1.84 1.57
Total Income 1,592 1,301 1,017 927 873
Total Expenditure ** 1,291 1,054 820 745 689
PBIDT 300 246 198 183 184
Interest 58.40 49.10 48.30 62.20 60
PBDT 242 197 149 120 124
Depreciation 92.90 85.60 69.10 67.30 64.20
Minority Interest Before NP -- -- -- -- --
Tax 45.50 44.70 13.30 10.50 21.80
Deferred Tax 0.51 (10) (0.70) 1.54 (2.40)
Reported Profit After Tax 103 77.20 67.80 41.20 40.40
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 103 77.20 67.80 41.20 40.40
Extra-ordinary Items -- -- (3.40) -- --
Adjusted Profit After Extra-ordinary item 103 77.20 71.10 41.20 40.40
EPS (Unit Curr.) 8.36 9.40 8.20 5.01 4.92
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 60 60 60 50 50
Equity 24.70 16.40 16.40 16.40 16.40
Public Shareholding (Number) -- -- -- -- 25,671,990
Public Shareholding (%) -- -- -- -- 31.20
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 56,528,510
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 68.80
PBIDTM(%) 19.20 19.30 19.80 19.70 21.10
PBDTM(%) 15.40 15.40 14.90 13 14.20
PATM(%) 6.57 6.04 6.78 4.45 4.63